Thailand’s leading bank SCB has launched cross-border transfers in stablecoins
The project was implemented in partnership with institutional custodian Fireblocks
17.10.2024 - 15:25
36
2 min
0
What’s new? Thailand’s oldest and one of the largest commercial banks, Siam Commercial Bank, has launched cross-border payment services in stablecoins for its customers. The initiative is in collaboration with institutional crypto custodian Fireblocks and Singapore-based payment company Lightnet.
What else is known? SCB claims that its product is the first in Thailand’s traditional financial industry to use stablecoins for global settlements. Previously, the project participated in the regulatory sandbox of the central bank, but now it has been fully brought to the market.
SCB explained that the new service improves capital efficiency by eliminating the need for pre-funding between partners, reducing transaction costs, and allowing users to transact in local currencies.
“This solution will provide significant improvements to customers’ experience in cross-border money transfer and will lower transaction time and cost and be accessible on a 24/7 basis. This project also promotes financial inclusion as there is a lower capital requirement per transaction,” said Lightnet CEO Tridbodi Arunanondchai.
Paxos and Stripe have launched a platform for payments in stablecoins
The new product supports USDP, PYUSD, and USDC coins
Earlier this month, Thailand’s Securities and Exchange Commission (SEC) proposed allowing private funds to invest in cryptocurrencies.
In August, Israel-based Fireblocks was licensed by the New York State Department of Financial Services (NYDFS) and also announced the launch of regional cold asset storage units in Thailand, UAE, UK, Singapore, and Australia.
Useful material?
Telegram 
Twitter Market
The leader was the Solana network, with 100 million active addresses per month
Oct 17, 2024
Crypto regulations
Amendments to the regulation of financial institutions have been published for public discussion until October 30
Oct 16, 2024
Market
Over the past four years, the company’s shares have grown by 1540%, while the index has gained only 111%
Oct 16, 2024
Incidents
Over the last 24 hours, the asset has updated its all-time high at $2,34
Oct 15, 2024
Market
The Bitnomial platform will try to challenge the SEC’s position on the status of the XRP token
Oct 11, 2024
Incidents
Law enforcers explained such a small sentence by the fact that Heather Morgan actively cooperated with the investigation and played a minor role in the crime
Oct 11, 2024
Cryptocurrency rates
-
Bitcoin
$67 861
BTC
+0.46%
-
Ethereum
$2 618.23
ETH
-0.65%
-
BNB Smart Chain
$594.65
BSC
-1.61%
-
Ripple
$0.544603
XRP
-0.68%
-
Dogecoin
$0.132803
DOGE
+6.49%
-
Cardano
$0.347747
ADA
-1.33%
-
Bitcoin Cash
$372.24
BCH
+1.37%
-
Polkadot
$4.22
DOT
-2.68%
-
Litecoin
$72.48
LTC
+2.33%
-
Stellar XLM
$0.09577
XLM
-0.15%